SkyAI faces investor pushback after selling 70% of Solana holdings

SkyAI, a Nasdaq-listed fintech company, has significantly reduced its Solana (SOL) holdings, dropping from over 2 million tokens to approximately 600,000. This reduction represents a disposal of roughly 70% of its Solana treasury in less than a month.

Bastion Trading, which holds a 9.99% stake in SkyAI, has expressed opposition to the company’s planned $201 million tender offer. Bastion is questioning the scale and transparency of the Solana sales, noting that SkyAI had recently reaffirmed its digital asset treasury strategy while holding much larger amounts of SOL.

To participate in the proposed $3-per-share tender offer, Bastion is demanding a higher price of at least $3.50, increased disclosure regarding the execution of the crypto sales, and changes to the company's board. The investor is also calling for an independent review of the transactions, citing a lack of information regarding sale timing, average prices, and the approval process.